Three Indonesian Gold Miners Gain Global Index Inclusion; Foreign Investor Rush Expected?
Jakarta — Three Indonesian gold mining companies have successfully gained inclusion in the popular Global Junior Gold Miners Index (GDXJ).
The companies are PT Merdeka Gold Resources Tbk. (EMAS), PT Archi Indonesia Tbk. (ARCI), and PT J Resources Asia Pasifik Tbk. (PSAB).
The decision takes effect on 20 March 2026. The next evaluation will be conducted on 11 September 2026 and will take effect a week later, on 18 September 2026.
Why This Matters for the Market
This inclusion is more than simply an index label; it reflects that the three companies have met the fundamental standards, company size, and liquidity criteria used in global investment selection.
For investors, the inclusion of shares in this index opens the potential for foreign capital inflows (inflow), particularly from various ETFs and global investment funds that replicate the GDXJ index composition.
In summary, the inclusion of the three gold stocks will bring the following positive implications:
Increased Global Visibility: The three stocks are now more easily monitored by global investment managers focusing on the gold and mining sectors.
Potential Liquidity Enhancement: Since GDXJ serves as a benchmark for the VanEck Junior Gold Miners ETF, the ETF will need to adjust its portfolio by purchasing shares included in the index.
Positive Sentiment for Indonesia’s Gold Sector: With global gold prices remaining at elevated levels (above US$5,000 per troy ounce in March 2026), this global exposure strengthens the position of Indonesian gold mining companies in the global junior miners market.
EMAS, ARCI, PSAB Shares Perform Strongly
Following the decision, the three stocks included in GDXJ moved impressively on Monday, 16 March 2026.
EMAS shares led the gains, closing at Rp9,075, up Rp1,375 or 17.86%, whilst recording a year-to-date return of 63.51%.
Meanwhile, PSAB shares closed at Rp555, rising Rp65 or 13.27%, with a year-to-date return of 0.91%. ARCI shares stood at Rp1,690, up Rp85 or 5.30%, with a year-to-date return of 4.32%.